PolyCrsis

>Economic dimensions include financialization, hyperglobalization, digitization, and “technofeudalism,” each amplifying inequalities, vulnerabilities, and systemic fragility… Brad Delong

* Financialization: amplifying inequality and instability by disrupting old cybernetic economic systems-control mechanisms at local, national, and global levels, exacerbating the destructive effects of Schumpeterian creative-destruction…
* Hyperglobalization creating significant fragility, prone to collapse under shocks such as pandemics or through the deliberate weaponization of interdependence (e.g., the oil crises starting in the 1970s)…
* Digitization has eliminated opportunities for moderate-status but high-paid “unskilled” jobs, which previously offered a bridge to middle-class prosperity through farming, craftwork, or unionized assembly-line positions…
The absence of stable, well-paying jobs for those without advanced education has severed pathways to socioeconomic advancement…
* “Technofeudalism”: Plutocrats & near plutocrats in today’s Silicon Valley vs. the broad middle-class prosperity seen in previous industrial cycles like those of Kodak in Rochester, NY…

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